Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $63,000 and $122,000, net purchases at cost and retail were $314,000 and $482,000, and sales during the first six months totaled $492,000. The estimated inventory at June 30, 2021, would be:

$69,899.2

Explanation:

The calculation of estimated inventory is shown below:-

Retail value of goods available for sale = retail price of beginning inventory + retail price of purchases

= $122,000 + 482,000

= $604,000

Difference =  Goods available for sale at retail price - Actual sales made

= $604,000 - 492,000

= $112,000

Cost to retail price ratio = (Cost of beginning inventory + Cost of purchases) ÷ (Retail price of beginning inventory + Retail price of purchases)

= ($63,000 + $314,000) ÷ ($122,000 + $482,000)

= $377,000 ÷ $604,000

= 62.41%

Ending inventory = Difference × Cost retail ratio

= $112,000 × 62.41%

= $69,899.2

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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